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Le dollar et l’euro : la primauté monétaire de l’Europe a-t-elle une place?

  • Uctum, Merih

    (Brooklyn College)

  • Deusy-Fournier, Pierre

    (Commission européenne)

This study examines whether the move toward a single European currency leading to internationalization of major European currencies has challenged the dollar's supremacy since the 1980s. We find that the decline of the international role of the dollar, which started right after the collapse of the Bretton Woods system, is continuing. This decline is visible in private uses of the dollar, although the US currency still dominates the other currencies in official uses. If a single European currency is adopted, the evidence suggests that the euro will likely become a major competitor to the dollar as an international currency. L’objet de cette étude est de déterminer si la suprématie du dollar a été remise en question depuis 1980, date à laquelle ont débuté les démarches pour la création d’une monnaie européenne unique devant mener à l’internationalisation des principales monnaies européennes. Nous avons constaté que le déclin du rôle international du dollar, qui s’était amorcé juste après l’effondrement du système de Bretton Woods, se poursuit. Ce déclin est visible au niveau des utilisations privées du dollar, bien que la monnaie américaine continue à dominer les autres lorsqu’il s’agit des utilisations officielles. Si une monnaie européenne unique est adoptée, les résultats empiriques laissent penser qu’elle pourrait fortement concurrencer le dollar à titre de monnaie internationale.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 74 (1998)
Issue (Month): 4 (décembre)
Pages: 669-694

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Handle: RePEc:ris:actuec:v:74:y:1998:i:4:p:669-694
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  1. W.H. Buiter, 1995. "Macroeconomic Policy During a Transition to Monetary Union," CEP Discussion Papers dp0261, Centre for Economic Performance, LSE.
  2. Robert N. McCauley, 1997. "The euro and the dollar," BIS Working Papers 50, Bank for International Settlements.
  3. Karen H. Johnson, 1994. "International dimension of European Monetary Union: implications for the dollar," International Finance Discussion Papers 469, Board of Governors of the Federal Reserve System (U.S.).
  4. De Grauwe, Paul, 1996. "How to Fix Conversion Rates at the Start of EMU," CEPR Discussion Papers 1530, C.E.P.R. Discussion Papers.
  5. Jacques Mélitz, 1995. "A suggested reformulation of the theory of optimal currency areas," Open Economies Review, Springer, vol. 6(3), pages 281-298, July.
  6. Craig S. Hakkio, 1991. "The international role of the dollar," Research Working Paper 91-08, Federal Reserve Bank of Kansas City.
  7. Robert N. McCauley & William R. White, 1997. "The Euro and European financial markets," BIS Working Papers 41, Bank for International Settlements.
  8. Yusuru Ozeki & George S. Tavlas, 1992. "The Internationalization of Currencies; An Appraisal of the Japanese Yen," IMF Occasional Papers 90, International Monetary Fund.
  9. Dowd, Kevin & Greenaway, David, 1993. "Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimum Currency Areas," Economic Journal, Royal Economic Society, vol. 103(420), pages 1180-89, September.
  10. Tavlas, G.S., 1991. "On the International Use of Currencies: the Case of the Deutsche Mark," Princeton Studies in International Economics 181, International Economics Section, Departement of Economics Princeton University,.
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